7 Common Mistakes Home Buyers Make

Mistakes Property Buyers Make

Buying a Property Can Be So Exciting and create a flood of emotions during the process. 

It also can lead to devastation from not having enough money to carry out repairs that they overlooked when buying a property.

Most Property Buyer’s Don’t Have Enough Knowledge or worse are ill-informed.

  1. Finance – They don’t shop around for the best rate and normally run with a broker that a friend or family member has recommended.  This could cost them $10,000’s.
  2. Agent’s Advice – Unskilled buyers traditionally believe what the sales agent tells them on face value.  They miss the opportunity of investigating the property and the surrounding areas.
  3. Negotiation – They put an offer in on a property without knowing the market place and pay a higher price than what the property is worth.
  4. Emotions – They often show too much emotion which gives far too much away to the selling agent of where the buyer is positioned.
  5. High Ticket Items – They overlook expensive items such as dates on hot water systems that could be about to blow up.  Fail to check the meter box to see whether the property has been rewired and has the appropriate safety requirements in place.
  6. Buying What You Want – There are TWO kinds of buyers: Those who buy what they want, and those who buy what they need. Do you need four or five bedrooms? Do you need to live in the “best” area? You can buy a better home in a less expensive – and less prestigious – area. What’s more important – struggling to maintain an image of wealth or living safely within your means? Most buyers could save tens, even hundreds, of thousands of dollars by buying what they need instead of what they want. Think about it. Be careful.
  7. Losing Money at Auctions – While you can often buy at a lower price with auctions, your challenge is discovering the truth about the likely selling price. At auctions, thousands of home buyers lose money through legal and inspection costs for homes they never had a chance of buying. When they realise they have been tricked it breaks their hearts. If you want to buy at Auction consider engaging a buyer’s agent to bid on your behalf.

    If you need a confidential obligation-free chat about buying a property click here to schedule a call.
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